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Macroeconomics III

Code 12094
Year 2
Semester S2
ECTS Credits 6
Workload TP(60H)
Scientific area Economics
Entry requirements No
Mode of delivery Face-to-face
Work placements Not applicable
Learning outcomes The main objective of the course is to improve the knowledge of supply-side macroeconomics, namely that refering to business cycles, money supply and economic growth. Students should be able to: 1 - Understand the mechanisms that generate a positively sloped aggregate supply curve; 2 - Identify and derive the macroeconomic equilibrium in the short-run and distinguish it from the long-run equilibrium; 3 - Identify and distinguish the different type of expectations and identify their role in the macroeconomic adjustment; 4 - Identify business cycles and their moments; 5 - Solve a model of real business cycles and use it to explain the propagation of a business cycle based in the intertemporal substitution mechanism; 6 - Identify the behaviour of the Central Bank and its consequences to macroeconomic stability; 7 - Identify the main growth facts and implement growth accounting techniques; 8 - Explain growth through the Solow model and its extensions.
Syllabus 1. Labor Market and Short-Run Supply Curve
1.1. Competitive labour market
1.2. Contrats and assymetric information
1.3. Short-run supply curve
1.4. Expectations and adjustment
1.5. Phillips curve
2. Real Business cycles
2.1. Data and stylized facts
2.2. A model of real business cycles
3. Monetary Policy
3.1. Inflation costs: welfare costs and seignoriage
3.2. The Central Bank and dynamic inconsistency
3.3. The problem of monetary policy delegation
4. Economic Growth
4.1. Data and stylized facts
4.2. Growth accounting
4.3. Solow model without technological progress
4.4. Solow model with technological progress
4.5. AK model
4.6. Solow model with human capital
4.7. The economics of ideas.
Main Bibliography Afonso, O., Vasconcelos, P.B., Neves, P.C. and Sequeira, T.N. (2019), Crescimento Económico – Uma abordagem Moderna e Novas Tendências, Grupo Almedina.
Doepke, Lehnert e Sellgren, (1999) “Macroeconomics”.
Larrain, F. and Sachs, J. (1993), Macroeconomics in the global economy, Prentice-Hall.
Sequeira, T., Neves, P. and Santos, M. (2018), Macroeconomia - Exercícios, Edições Sílabo.
Teaching Methodologies and Assessment Criteria The course is composed by both theoretical and practical sessions. Each chapter starts with the explanation of the main theoretical concepts, this explanation being accompanied by mathematical formalization and the respective economic intuition. Then, we begin with the resolution of the exercises from the compilation materials and from the book. In the beginning of each exercise, the teacher explains its objectives and the skills to be acquired. A first exercise of each type is solved with a strong intervention from the teacher, calling for suggestions by students. Afterwards, students solve the exercises by themselves with tutorial support from the teacher. The continuous evaluation is composed by two written tests, each with a weight of 50% in the final grade.
Language Portuguese. Tutorial support is available in English.
Last updated on: 2023-01-22

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